Crypto Investment Platform eToro Subsidiary Granted Gibraltar Blockchain License

News, Regulation | December 20, 2018 By:

Global investment platform eToro has announced that eToroX, the company’s digital asset subsidiary, has received a blockchain license from the Gibraltar Financial Services Commission (GFSC).

eToroX was formed in 2018 to provide the infrastructure to support eToro Group’s commitment to facilitating the evolution and growth of tokenized assets. It provides eToro’s newly launched wallet and will run the forthcoming exchange.

The company obtained the GFSC license after passing nine regulatory principles designed to protect users. These include requirements for license holders to have systems in place to prevent, detect and disclose financial crime risks such as money laundering and terrorist financing, and to maintain appropriate financial and non-financial resources.

“While blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets,” said Doron Rosenblum, Managing Director of eToroX. “The GFSC has been forward-thinking in developing this framework and we hope it serves as a blueprint for other markets. The license process has been thorough but by working closely with the GFSC we are pleased to say that we now have a license and look forward to supporting the growth of tokenized assets.”

Yoni Assia, Co-founder and CEO of eToro, said that the launch of their wallet and the forthcoming exchange are big steps for eToro in expanding their crypto offering.

“In the future all assets will be tokenized and we are just taking the first steps on this journey,” Assia said. “Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX will help us do this. With the launch of our wallet, we can for the first time provide clients with a means of transferring cryptoassets away from the eToro platform.”